‘Not another listicle!’ we hear you groan.
Well you should know better. Because we’re not the sort of people to clog up your in-box with anodyne industry trends, resolutions and predictions that feel, well… a bit last year. And we certainly don’t want our blogs to serve as fodder for your buzzword bingo card. As an agency, we believe it’s our job to make your working life as easy as possible. That’s why we think it’s time to redefine content marketing in simpler terms, helping organisations make best use of the proliferation of channels available and build lasting, profitable relationships with consumers today.
So, for starters, welcome to the ‘connection economy’. It’s a term beloved by marketing guru Seth Godin, and it’s based on the idea that in today’s business environment true value derives from both the meaningful connections an organisation makes with consumers, and the connections formed between those consumers themselves, shifting the paradigm between buyers and sellers. Offer a like-minded audience free information, ideas, or entertainment that enriches their lives, they will share it, a community will develop and grow, and deeper relationships will result. It’s why HubSpot has recently ditched the linear approach of its sales ‘funnel’ in favour of the ‘flywheel’ – a circular process that leverages the energy of existing customers to boost business growth.
But there are a few other factors to take into account before you reach that marketing nirvana. So gen up on the following, some of which will be familiar, some that may surprise you, and if you would like to find out more, we’d love to talk you through our new way of thinking:
Explosion of touch points
The astonishing growth of new ways that consumers can interact with organisations or brands as a result of social media and the increasingly complex decision journeys in the ‘connection economy’.
Customer empowerment
The process whereby consumers gain more control – shopping at more places, chasing price cuts, shopping more often and spending less – and are much less loyal because they have access to better information and more choice.
Multi-channel thinking
Traditional mass marketing approach whereby an offering (product or service) is communicated to consumers via a multitude of channels to reach as wide an audience as possible.
Working harder to stand still
The result of applying ‘multi-channel thinking’ in the ‘connection economy’ because effort is spread across more and more touch points only to reach a disparate and often disinterested number of consumers.
Working smarter to move faster
The opposite of ‘working harder to stand still’, which comes when marketing generates loyalty and inspires advocacy.
Owned media
Organisations interacting with customers directly through their own media channels including websites, apps, social media, podcast, magazines, bots, etc.
Smallest viable market
Another term coined by Seth Godin, which flies in the face of traditional mass marketing. Rather than attempting the impossible task of trying to change everyone, begin instead with the ‘minimum number of people you would need to influence to make it worth the effort’. (Source: This is Marketing, Seth Godin)
Consumer insight
A profound understanding about your existing customers or target audience that is not immediately obvious and, if acted upon, has the potential to change their behaviour for the benefit of your organisation.
Customer capital
The total value of an organisation’s customer relationships, increasingly important in the ‘connected economy’ where traditional capital is no longer such an important source of competitive advantage.
We would love the opportunity to help you make 2019 the most successful ever for your organisation or business. So please make a resolution to get in touch.